Thursday, 24 October , 2019     |     1280      |      +      |     

Uber tight-lipped on Kuwait entry speculation

Uber tight-lipped on Kuwait entry speculation : Google
  • Kuwait News

Uber has refused to comment on reports it is looking to enter into Kuwait.


It had been suggested this week that the company had contacted several authorities in Kuwait informing them of its intention to start operations in the country.

Reports claimed feasibility studies were being conducted by the ride hailing firm, Al-Qabas daily reported.

Its subsidiary Careem already operates in Kuwait with a roaming taxi licence.

However, following enquiries from Arabian Business, a spokesperson said Uber’s entry into Kuwait “is not something Uber is in a position to comment on at this time”.

The head of Uber said on Tuesday this week that the global ride services firm was counting on India, Africa and the Middle East for future growth amid investor fears about mounting losses and a slump in its share price.

Uber has exited several markets – including China and Southeast Asia – to pare back losses, and is in fierce competition with rival Ola in India, a market estimated to be worth $7 billion a year.

Since its public offering in May, Uber’s share price has tumbled some 30 percent, while the company lost $5.2bn in the second quarter.

India is a fundamental part of Uber’s growth going forward… it’s a top 10 market for us,” chief executive Dara Khosrowshahi told reporters in New Delhi.

“The profitability characteristics of our business here are improving. If I look at Uber’s growth over the next 10 years, it’s… going to be defined by India, Africa and the Middle East, more so than the developed markets.”

Kuwait Today Business Subscription

Keywords:
Category: #Kuwait News, #Technology | 2019/10/24 latest update at 1:42 PM
Source : Arabian Business | Photocredit : Google
1281
Comments Add comment

Latest Comments


  
  LinkedIn Gulf Media

Sponsored Publications


Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.


Latest searches in Kuwait Today